Most organisms facing a choice between multiple stimuli will look repeatedly at them, presumably implementing a comparison process between the items' values. Little is known about the nature of the comparison process in value-based decision-making or about the role of visual fixations in this process. We created a computational model of value-based binary choice in which fixations guide the comparison process and tested it on humans using eye-tracking. We found that the model can quantitatively explain complex relationships between fixation patterns and choices, as well as several fixation-driven decision biases.

Neuroeconomics is the study of the neurobiological and computational basis of value-based decision making. Its goal is to provide a biologically based account of human behaviour that can be applied in both the natural and the social sciences. This Review proposes a framework to investigate different aspects of the neurobiology of decision making. The framework allows us to bring together recent findings in the field, highlight some of the most important outstanding problems, define a common lexicon that bridges the different disciplines that inform neuroeconomics, and point the way to future applications.

Dieter's Dilemma The ability to exercise self-control is central to human success and well-being. However, little is known about the neurobiological underpinnings of self-control and how or why these neural mechanisms might differ between successful and unsuccessful decision-makers. Hare et al. (p. 646 ) used brain imaging in a dieting population undergoing real-life decisions between a healthy or a tempting, yet nutritionally inferior, choice of food. Activity in the ventromedial prefrontal cortex correlated with the value of the stimulus, termed goal value. Importantly, this activity integrated both health and taste values in individuals who were able to exert self-control in their choices, while reflecting only taste in those unable to exert self-control.

How do we make decisions when confronted with several alternatives (e.g., on a supermarket shelf)? Previous work has shown that accumulator models, such as the drift-diffusion model, can provide accurate descriptions of the psychometric data for binary value-based choices, and that the choice process is guided by visual attention. However, the computational processes used to make choices in more complicated situations involving three or more options are unknown. We propose a model of trinary value-based choice that generalizes what is known about binary choice, and test it using an eye-tracking experiment. We find that the model provides a quantitatively accurate description of the relationship between choice, reaction time, and visual fixation data using the same parameters that were estimated in previous work on binary choice. Our findings suggest that the brain uses similar computational processes to make binary and trinary choices.A basic goal of decision neuroscience is to characterize the computational processes used by individuals to make different types of decisions, as well as the neurobiological substrates of such computations (1-5). A significant amount of effort has been devoted to characterizing these processes in the realm of perceptual decision making involving two-alternative forced choices (2, 6-8). However, many important decisions do not fit this framework: they involve choices among multiple alternatives (n > 2) associated with different reward values (e.g., which food to select from a buffet table). Here we investigate these types of decisions.The standard drift-diffusion model (DDM), as well as closely related versions, such as the leaky competitive accumulator (LCA) model (3, 4, 9), have been highly successful in providing quantitative explanations of the psychometrics, chronometrics, and neurometrics of binary perceptual choice (2, 10-16), and more recently in binary value-based choice (17-20). These models assume that decisions are made by accumulating stochastic information over time until the net evidence in favor of one option exceeds a prespecified threshold. The size of the threshold can be chosen to optimally balance the benefit of accumulating more information with the cost of taking more time to reach a decision (21). Consider, for example, the canonical dot-motion task that has been widely used to study perceptual decision making. Here the stimulus itself is stochastic and each instant is thought to provide noisy but informative evidence for the net direction of movement in the display. Thus, as the individual accumulates more evidence, his knowledge about the true net direction of movement increases (2).The DDM has also been shown to provide highly accurate descriptions of accuracy and response times in domains such as memory retrieval and decision-making, where the stimuli are not explicitly stochastic (17,19,20,(22)(23)(24)(25)(26)(27)(28); this suggests that these decisions might be made using a similar process of random information accumulation and integration. To see why, ...

An essential component of every economic transaction is a willingness-to-pay (WTP) computation in which buyers calculate the maximum amount of financial resources that they are willing to give up in exchange for the object being sold. Despite its pervasiveness, little is known about how the brain makes this computation. We investigated the neural basis of the WTP computation by scanning hungry subjects' brains using functional magnetic resonance imaging while they placed real bids for the right to eat different foods. We found that activity in the medial orbitofrontal cortex and in the dorsolateral prefrontal cortex encodes subjects' WTP for the items. Our results support the hypothesis that the medial orbitofrontal cortex encodes the value of goals in decision making.

Despite the importance and pervasiveness of marketing, almost nothing is known about the neural mechanisms through which it affects decisions made by individuals. We propose that marketing actions, such as changes in the price of a product, can affect neural representations of experienced pleasantness. We tested this hypothesis by scanning human subjects using functional MRI while they tasted wines that, contrary to reality, they believed to be different and sold at different prices. Our results show that increasing the price of a wine increases subjective reports of flavor pleasantness as well as blood-oxygen-level-dependent activity in medial orbitofrontal cortex, an area that is widely thought to encode for experienced pleasantness during experiential tasks. The paper provides evidence for the ability of marketing actions to modulate neural correlates of experienced pleasantness and for the mechanisms through which the effect operates.orbitofrontal cortex ͉ modulation by marketing actions ͉ neuroeconomics ͉ taste

Understanding how the brain computes value is a basic question in neuroscience. Although individual studies have driven this progress, meta-analyses provide an opportunity to test hypotheses that require large collections of data. We carry out a meta-analysis of a large set of functional magnetic resonance imaging studies of value computation to address several key questions. First, what is the full set of brain areas that reliably correlate with stimulus values when they need to be computed? Second, is this set of areas organized into dissociable functional networks? Third, is a distinct network of regions involved in the computation of stimulus values at decision and outcome? Finally, are different brain areas involved in the computation of stimulus values for different reward modalities? Our results demonstrate the centrality of ventromedial prefrontal cortex (VMPFC), ventral striatum and posterior cingulate cortex (PCC) in the computation of value across tasks, reward modalities and stages of the decision-making process. We also find evidence of distinct subnetworks of co-activation within VMPFC, one involving central VMPFC and dorsal PCC and another involving more anterior VMPFC, left angular gyrus and ventral PCC. Finally, we identify a posterior-to-anterior gradient of value representations corresponding to concrete-to-abstract rewards.

To make sound economic decisions, the brain needs to compute several different value-related signals. These include goal values that measure the predicted reward that results from the outcome generated by each of the actions under consideration, decision values that measure the net value of taking the different actions, and prediction errors that measure deviations from individuals' previous reward expectations. We used functional magnetic resonance imaging and a novel decision-making paradigm to dissociate the neural basis of these three computations. Our results show that they are supported by different neural substrates: goal values are correlated with activity in the medial orbitofrontal cortex, decision values are correlated with activity in the central orbitofrontal cortex, and prediction errors are correlated with activity in the ventral striatum.